Sawin & Shea

JANUARY 25, 2022

However, which type of bankruptcy you file will also depend on what kind of debt you have. Secured and unsecured debt is handled differently in Chapter 7 vs. Chapter 13. What is Secured Debt? Secured debts are a type of debt backed by an asset that is used as collateral. What is Unsecured Debt?

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Sawin & Shea

MAY 2, 2024

If you qualify for Chapter 7 bankruptcy, our attorneys can guide you through the process of eliminating unsecured debts, such as credit card balances, medical expenses, and personal loans, within a matter of months. However, certain debts like child support, alimony, and other domestic support obligations cannot be eliminated.

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Sawin & Shea

AUGUST 9, 2023

Creditors cannot reclaim any of your property if you default on a loan. However, secured debt means the borrower has put up collateral (e.g. a car or their home), and agrees that they will repay the loan in a timely fashion or else the lender will gain ownership of the collateral they used to get the loan.

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Sawin & Shea

MARCH 13, 2024

In this blog, you’ll learn about whether you can reaffirm your debt in Ch. Have additional questions regarding bankruptcy or reaffirming secured debts? A reaffirmation agreement is a document that re-obligates a debtor to repay a particular debt, such as a car loan, mortgage, or other loan type.

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Sawin & Shea

MARCH 7, 2023

This includes debts such as credit card balances, medical bills, personal loans, utility bills, back rent, mortgages, and car payments. However, if you used your home or car as a secured debt with a lender, you may need to return the property to the lender if you don’t pay as agreed.

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Debt Free Colorado

DECEMBER 23, 2024

Credit cards, medical bills, and personal loans make up most unsecured debt that bankruptcy can eliminate. These debts have no collateral, so creditors cannot take your property without going to court first. Late utility bills also count as unsecured debt. Some debts stay with you even after bankruptcy.

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Debt Guru

JANUARY 27, 2021

What types of debts can I lump together in a DMP? Unsecured debts, such as credit cards, store cards and personal loans, can be part of your DMP. Secured debts, like your mortgage or car payments, aren’t covered. Student loans aren’t covered, either. Does it cost to participate in a DMP?

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Better Credit Blog

FEBRUARY 11, 2022

It can’t tackle secured debts like auto loans and mortgages. Credit card loans. Personal loans. Business debt. Student debt. IRS debt and back taxes. Auto loans and government loans. Auto loans and government loans. Mortgage or home loans. Overdrafts.

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Sawin & Shea

JANUARY 12, 2022

A Chapter 13 Plan can help get you back on track with secured debts that you are behind on, like house or car payments. Discuss your tax debt with a bankruptcy attorney to make sure you get the most out of your discharge. Student Loans. Student loans can be particularly challenging.

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Sawin & Shea

AUGUST 30, 2023

You are not allowed to have more than $465,275 of unsecured debt (such as credit card or medical debt) or more than $1,395,875 of secured debt (such as a house, property, or vehicle). Under Chapter 13 Bankruptcy, you have time and a plan in which to repay your debts. Which Debts Cannot be Discharged in Bankruptcy?

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Sawin & Shea

AUGUST 23, 2023

With Chapter 7 bankruptcy, you’ll be able to eliminate most unsecured debts, which includes: Credit card debt Medical debt Personal loans Payday loans Utility bills It’s important to keep in mind, though, that Chapter 7 will not eliminate all kinds of debt.

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Sawin & Shea

APRIL 12, 2023

However, there are other ways to pay back family and friends that the courts allow and won’t negatively impact the family member or friend who has loaned you money. In most cases, Chapter 7 rules protect assets that are classified as exempt at the time you file versus unsecured debt which is not protected. Who Is an Insider?

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Sawin & Shea

JANUARY 4, 2024

The trustee and judge will look at whether you’ve met the three criteria listed above and determine whether your debt itself is fully eligible for this type of discharge. Ineligible types of debt include secured debts, priority debts, and nondischargeable debts.

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Credit Corp

MAY 3, 2023

Usually during a Chapter 13 you only pay off part of your debts. Priority and secured debts, such as taxes or auto loans, are paid in full. But unsecured, nonpriority debts, such as medical bills and credit card debt, are only partially paid. The Trustee’s office then pays various creditors.

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Sawin & Shea

JUNE 14, 2023

Declaring Bankruptcy Before a Divorce If you’re on good terms with your spouse and are struggling with unsecured debts, you may want to consider filing Chapter 7 bankruptcy before your divorce. As we mentioned above, Chapter 13 involves consolidating your existing debts into a realistic three- to five-year repayment plan.

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Sawin & Shea

APRIL 10, 2024

Reaffirming Debts in Chapter 7 Bankruptcy Chapter 7 bankruptcy allows you to discharge your unsecured accounts, but you cannot do away with a creditor’s a security interest, meaning a debt with collateral must either get paid or the collateral property surrendered.

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